denotes premium content | Jan 7 2009 
Feature
posted 9 Jan 2002 in Volume 5 Issue 6
ELECTRONIC TRADING CHAINS: BOLERO.NET
Electronic trading chain enabler bolero.net has launched boleroSURF a new service that enhances the fulfilment capacity of the existing service offering and according to Bolero really takes the pain out of international trade.
A new product has been launched by bolero.net that the company claims opens up a simpler and more secure way of dealing with international trade. boleroSURF deals with the two biggest questions in any cross-border trade transaction: will the seller get paid and will the buyer get the goods?
boleroSURF is an online mechanism that ensures that both parties to a
trade have fulfilled their contractual obligations
allowing payment to take
place and the goods to be delivered. Once a buyer and seller agree on the
contractual terms
the necessary documentation is lodged with the SURF
mechanism. Every stage of the transaction is then verified and validated.
“boleroSURF means that the time taken to process a typical trade can be cut down from several weeks to less than a day. With 60% of trade documentation typically being wrong first time around discrepancies and errors can be picked up and corrected immediately ” Bolero states. “A further cash saving benefit of boleroSURF for importers and exporters lies in its capability to reconcile order against delivery data improving inventory management and managing orders against settlements for cash optimisation. Ensuring that what both parties say will happen actually takes place importers and exporters can also now have the confidence to do business with new and existing trading partners on the internet.”
White labelling for banks
The boleroSURF solution also provides banks with a ready to go off the shelf ‘white label’ solution for the offering of online credit and risk products to their customers.
The offering builds on the already constructed components of the bolero.net
service. The core messaging system of bolero.net allows trade data and
documentation to be exchanged online in a secure environment.
The bolero.net Title Registry is the only mechanism allowing exporters and
importers to transfer the ownership of goods on the internet and the Bolero
Rulebook is a unique legal framework that underpins the whole service.
bolero.net has also standardised trade documentation
its boleroXML standards
now address 95% of the most commonly used documents in world trade today.
The boleroSURF solution was the result of a year’s consultation exercise
involving bolero.net members. Eight of the world’s largest banks and a number
of major multinationals and trading organisations
such as Samsung
Otto
Versand and the Colombian Coffee Federation provided input into the product’s
development.
According to bolero.net CEO
Barry Morse
“We believe that the value of
e-commerce will be delivered through the ability to automate and thereby
streamline and optimise existing transactions. The boleroSURF solution
is a major step forward in building on the existing bolero.net infrastructure
to achieve this aim. Combined with the new bolero.net web-based access
solutions and member schemes to enfranchise thousands of smaller customers
bolero.net now offers a complete off the shelf solution for all trade service
providers ”.
Visit www.bolero.net
Originally published in e-mmerce
